Virgin Media O2’s owners Telefónica and Liberty Global are weighing options to cut the group’s £22bn debt after bond prices tumbled. Senior unsecured bonds fell to 57 cents on the dollar, while secured notes dropped to 76 cents.

Measures include cutting the expected £200mn dividend, job cuts and reducing capital expenditure. The company lost 33,500 broadband customers in H1 2026, adding to 138,400 lost last year, leaving 5.42mn subscribers.

Investors worry about competition from altnets that raised £31bn and the £2bn Netomnia acquisition via Nexfibre, which could strain cash flow. Liberty Global CEO Mike Fries said shareholders have “many tools” to cut debt, while Telefónica CFO Juan Azcue pledged proactive balance‑sheet management. The price of a $925mn unsecured bond fell from 78 cents at the start of July to 57 cents, and a $1.4bn secured note dropped from 92 cents to 76 cents.